2Q 06/30/21

MERS Total Market Retiree Health Funding Vehicle (RHFV) and Investment Services Program (ISP) Performance – Annualized Fund Inception: October 1975 Objective 30.00% 28.19% The MERS Total Market Portfolio is 26.44% a diversified portfolio that provides 25.00% current income and capital appreciation 20.00% while minimizing the volatility of the 15.00% 12.26% 11.07% capital markets. 9.85% 10.55% 10.47% 10.00% 7.67% 8.18% 8.09% 5.72% 5.37% Fund Expenses 5.00% 0.00% Administrative Fee 0.18% QTD YTD 1 Year 3 Years 5 Years 10 Years Expenses 0.28% MERS Total Market Portfolio Custom Benchmark* Total Annual Operating Expense 0.46%

The total annual operating expense is deducted from the rate of return of the fund. This means Performance – By Calendar Year Top Ten Holdings that for every $1,000 invested in the MERS Total MERS Total Invesco S&P 500 QVM Multi-Factor ETF 5.17% Market Portfolio, an employer is charged $4.60 in Year Custom Benchmark* fees each year. Market Portfolio SPDR Short Term Treasury ETF 5.08% 2020 13.35% 15.19% J.P. Morgan Betabuilders Japan ETF 2.49% Asset Allocation 2019 13.52% 20.83% iShares JP Morgan USD EM Bond ETF 2.28% Global Equity 54.4% 2018 -3.62% -5.36% iShares 20+ Year Treasury Bond ETF 1.99% U.S. Stocks 24.0% 2017 13.21% 16.72% Invesco S&P 400 QVM Multi-Factor ETF 1.38% European Stocks 11.7% 2016 10.67% 6.30% SPDR BBG EM USD Bond ETF 1.24% Japanese Stocks 9.2% 2015 -0.97% -2.33% SPDR BBG EM Local Bond ETF 1.09% Emerging Market Stocks 9.6% 2014 6.35% 2.74% iShares 7-10 Year Treasury ETF 0.88% Global Fixed Income 24.7% 2013 14.48% 14.36% Apple Inc 0.82% U.S. Treasury Bonds 14.5% $25,000 U.S. Investment Grade Bonds 0.0% Growth of $10,000 Balance After 10 Years: $21,952.52 U.S. High Yield Bonds 0.2% $20,000 Emerging Market Bonds 7.6% Short Duration Bonds 2.4% $15,000 Private Markets 20.9%

$10,000 Analysis

$5,000 Low Medium High

Standard Deviation (5-Year) 7.73% $- Describes the volatility of the 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 historical returns of the fund. A higher standard deviation indicates This graph shows the growth of $10,000. If someone invested $10,000 in the MERS Total Market Portfolio ten years ago more risk due to higher fluctuation with no additional contributions or withdrawals, they would have $21,952.52 as of 06/30/2021. above and below the average. (5-Year) 1.18 Fund Restrictions Measures returns generated per unit of risk taken. The higher the A 2.00% redemption fee is charged for shares sold within 90 days of purchase. The charge is applied on a first-in, Sharpe Ratio, the more you are first-out basis. being compensated for the amount of risk you are taking. *Custom Benchmark: 45% Russell 3000, 20% MSCI ACWI ex USA IMI (Net), 25% BBG BARC Agg, 10% BBG BARC Global Agg ex US. Benchmark does not have expenses.

Municipal Employees’ Retirement System of Michigan | 1134 Municipal Way | Lansing, MI 48917 | 800.767.6377 | www.mersofmich.com

PUB 5450 2021-07-30 Disclaimers

Returns: Return information prior to 10/1/2014 are presented after the Total Annual Operating Expense. After 10/1/2014, returns are presented net of Investment Manager expenses only. Past performance is no guarantee of future results. Current performance may be higher or lower. Funds are subject to investment risk from a number of sources, including the management style of the fund and market volatility. Markets are volatile and can rise or decline significantly in response to company, political, regulatory, market, or economic developments. A fund’s total return, like securities prices generally, will fluctuate within a wide range. As a result, you could lose money over short or even long periods. Funds are also subject to investment-related risk, which is the chance that returns from companies invested in by the fund will trail returns from other asset classes or the overall market. Fees: The Total Annual Operating Expense consists of MERS’ administrative fee and investment management expenses. MERS’ administrative fee includes costs related to bookkeeping, setting trade activity, holding assets in custody at a bank,and running the day-to-day operations of the plan, which include legal, accounting, auditing, compliance, printing, and overhead costs. The investment management expenses are incurred in the direct management of the fund. These vary based on the level of assets. As assets increase, these are expected to decline. General: MERS, as a governmental plan, is exempted by state and federal law from registration with the SEC. The MERS Funds consist of a portfolio of assets managed in a separate account in a collective trust, specifically for MERS Plans. Unlike a mutual fund, only the participants in a MERS Plan can invest in the MERS Funds. Because the MERS Funds are not mutual funds, a prospectus is not available. This summary is designed to provide descriptive information only. Investors should research all possible investment choices. Please make independent investment decisions carefully and seek the assistance of independent experts where appropriate. We recommend investors define their goals, risk tolerance, time horizon, and investment objectives to determine whether this fund is appropriate for you. Please make independent investment decisions carefully and seek the assistance of independent experts where appropriate. Bank of New York Mellon, as the custodian for the MERS Funds, calculates the unit value as of the close of business each day. The MERS Funds invest in a broad selection of securities. Some securities may not be priced daily or prices may be determined on a delayed basis. These securities are reflected in the unit value of the fund at their most recent market value adjusted for interim cash flows. MERS Funds are constructed utilizing several underlying investment strategies within a particular asset class. Consequently, a fund’s asset allocation may vary over time as a result of underlying manager activity. Funds are subject to investment from a number of sources, including the management style of the fund and market volatility. Markets are volatile and can rise or decline significantly in response to company, political, regulatory, market or economic developments. A fund’s total return, like securities prices generally, will fluctuate within a wide range. As a result, an investor could lose money over short or even long periods. Funds are also subject to investment-related risk, which is the chance that returns from companies invested in by the fund will trail returns from other asset classes or the overall market. MERS has made every effort to ensure that the information provided is accurate and up to date. For more information about this fund, please contact the MERS Service Center at 800.767.MERS (6377) or visit www.mersofmich.com.

Municipal Employees’ Retirement System of Michigan | 1134 Municipal Way | Lansing, MI 48917 | 800.767.6377 | www.mersofmich.com